Most people with siblings ask the age-old question 'How Does Birth Order Affects Finances?' It turns out that indeed what order one is born in does affect what they do with their money.
Several studies asked siblings if they considered themselves financially responsible. First borns, middle borns and last borns had nearly all the same results as 85 to 88 percent of them said they were extremely good with money. The results also nearly identical when siblings were asked "Do you take financial risk?" The biggest difference was in how siblings saved compared to each other. Only 57 percent of first borns put money into a savings account each month while 65 percent of middle borns do. Middle children should be careful though because it's them who are most often asked to borrow money from.
Sibling Cash Charts
'Coupon Cabin' Answers the Question 'Does Birth Order Affects Finances?'
Trend Themes
1. Birth Order Finances - Birth order affects financial habits and decision making, creating opportunities for financial institutions to customize their services and offerings to cater to each specific group.
2. Sibling Savings - The disparity in savings habits between firstborns and middle children presents an opportunity for financial education and outreach programs to help improve financial literacy and investment habits in younger siblings.
3. Financial Responsibility Survey - Conducting surveys on financial behaviors of siblings across various birth orders can provide insights for creating personalized financial planning and investment strategies that cater to the unique financial habits and preferences of each group.
Industry Implications
1. Financial Services - With birth order affecting financial habits, financial institutions can create targeted marketing campaigns and customized services to cater to the different needs and preferences of each sibling group.
2. Education - The disparity in savings habits between firstborns and middle children highlights the need for financial literacy education and outreach programs, creating opportunities for educational institutions to offer such services.
3. Market Research - Conducting surveys and analyses on the financial behaviors of different sibling groups can create opportunities for market research firms to provide insights to financial institutions and other businesses on how to better tailor their products and services to specific consumer groups.